Most forex traders rely on technical analysis books written for stock, futures, and option traders. However, long before computers and calculators, traders were trading naked. Naked trading is the simplest (and oldest) trading method. It's simply trading without technical indicators, and that is exactly what this book is about.
Traders who use standard technical indicators focus on the indicators. Traders using naked trading techniques focus on the price chart. Naked trading is a simple and superior way to trade and is suited to those traders looking to quickly achieve expertise with a trading method.
- Offers a simpler way for traders to make effective decisions using the price chart
- Based on coauthor Walter Peters method of trading and managing money almost exclusively without indicators
- Coauthor Alexander Nekritin is the CEO and President of TradersChoiceFX, one of the largest Forex introducing brokers in the world
Naked Forex teaches traders how to profit the simple naked way!
Foreword ix
Preface xi
Acknowledgments xiii
Part One Naked Forex Trading Revealed
Chapter 1 The Fundamentals of Forex Trading 3
Chapter 2 Avoiding a Trading Tragedy 9
Chapter 3 Back-Testing Your System 25
Chapter 4 Identifying Support and Resistance Zones 39
Part Two Naked-Trading Methodology
Chapter 5 The Last Kiss 73
Chapter 6 The Big Shadow 95
Chapter 7 Wammies and Moolahs 111
Chapter 8 Kangaroo Tails 131
Chapter 9 The Big Belt 151
Chapter 10 The Trendy Kangaroo 163
Chapter 11 Exiting the Trade 177
Part Three Trading Psychology
Chapter 12 The Forex Cycle 203
Chapter 13 Creating Your Trading System 209
Chapter 14 Becoming an Expert 229
Chapter 15 Gaining Confidence 239
Chapter 16 Managing Risk 249
About the Trading Software and Video Tutorial 261
About the Authors 263Â Â
Index 265
Most forex traders lose because they persist in believing three myths of successful trading. Myth 1: successful trading must be indicator-based. Myth 2: successful trading must be complex. Myth 3: successful trading is dependent on the trading system. Well, itâs time to get over these misconceptions and start winning, say authors Alexander Nekritin and Walter Peters in Naked Forex.
Long before computers and calculators, trading was handled without complex technical analysis and indicators. Trading was old schoolâbased on using only price chartsâand it was simple, profitable, and easy to implement. In Naked Forex, Nekritin and Peters show you how to successfully trade this way.
This lively, three-part book lays out the authorsâ techniques in detail. The first part walks you through the fundamentals of forex trading and establishes the ruling tenet of all naked forex trading: price is king. In Part Two, the authors share methods that lead to profits, including using resistance zones, price patterns, transitions, and such intriguing trade setups as Wammies, Moolahs, and the Last Kiss. In the last part of the book, youâll learn to understand your own trading psyche. Mastering your own attitudes toward risk, says coauthor Peters, who is also a PhD in psychology, is how you finally become a true professional trader.
Engaging and informative, this practical guide touches on many provocative topics, including:
- Is it possible to outwit some of the most determined, intelligent, and well-resourced traders in the world? Find out what it takes
- The concept of âzonesâ and the seven most important things you need to know about them
- Six key stages you must address for every trade
- Are you a runner or a gunner? When it comes to exiting a trade with money, itâs important to know
- The one secret expert traders all share, why boring is good, and six steps to becoming an expert
- Why understanding yourself is paramount. What is your attitude towards money? What are your biases? Find out how to find out
Naked trading is liberating, exhilarating, and frees you to focus on markets, instead of the indicators, say Nekritin and Peters. Follow their proprietary techniques to profitability with Naked Forex.
Produktdetaljer
Biografisk notat
ALEXANDER NEKRITIN is the CEO and President of TradersChoiceFX, one of the largest forex introducing brokers in the world. He has over ten years of successful trading experience in equities, options, futures, and forex. Nekritin holds a degree in finance with a concentration in derivative instruments from Babson College. His work has been featured in many web publications such as FXstreet.com and TradingMarkets.com.
WALTER PETERS, PHD, holds a doctorate in psychology and is a full-time forex trader. He trades for the DTS Fund and works with traders through the website FXjake.com. Peters is a technical trader and takes a unique ânakedâ approach to forex trading. Nearly all of the trading systems he uses and teaches are systems without technical indicators. Peters believes that an understanding of cognitive psychology in general, and in particular cognitive biases, is useful for the forex trader.